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Revenue (Tables) | 6 Months Ended
--- | ---
Dec. 31, 2018
Revenue from Contract with Customer [Abstract] |
Schedule of Impact of ASC 606 to the Condensed Consolidated Financial Statements | The following table summarizes the effects of adopting ASC 606 on our condensed consolidated balance sheet as of December 31, 2018:
December 31, 2018 (In thousands) | As reported under ASC 606 |  | Prior to adoption of ASC 606 |  | Effect of changes
ASSETS |  |  |  |  |
Accounts receivable, net | $ | 658,080 |  |  | $ | 678,863 |  |  | $ | (20,783 | )
Other current assets | 127,350 |  |  | 71,214 |  |  | 56,136 |
Deferred income taxes | 225,124 |  |  | 206,674 |  |  | 18,450 |
LIABILITIES |  |  |  |  |
Deferred system revenue | $ | 196,242 |  |  | $ | — |  |  | $ | 196,242 |
Deferred service revenue | 168,936 |  |  | 66,759 |  |  | 102,177 |
Deferred system profit | — |  |  | 319,696 |  |  | (319,696 | )
Other current liabilities | 714,873 |  |  | 733,220 |  |  | (18,347 | )
Deferred service revenue, non-current | 90,466 |  |  | 83,338 |  |  | 7,128 |
STOCKHOLDERS’ EQUITY |  |  |  |  |
Retained earnings | $ | 1,048,804 |  |  | $ | 962,561 |  |  | $ | 86,243 |
Accumulated other comprehensive income (loss) | (70,447 | ) |  | (70,502 | ) |  | 55 |
The following table summarizes the effects of adopting ASC 606 on our condensed consolidated statements of operations for the three months ended December 31, 2018:
Three months ended December 31, 2018 (In thousands, except per share amounts) | As reported under ASC 606 |  | Prior to adoption of ASC 606 |  | Effect of changes
Revenues: |  |  |  |  |
Product | $ | 852,201 |  |  | $ | 875,415 |  |  | $ | (23,214 | )
Service | 267,697 |  |  | 230,683 |  |  | 37,014 |
Costs and expenses: |  |  |  |  |
Costs of revenues | 408,260 |  |  | 392,916 |  |  | 15,344 |
Other expense (income), net | (9,228 | ) |  | (9,187 | ) |  | (41 | )
Provision for income taxes | 46,863 |  |  | 48,401 |  |  | (1,538 | )
Net income | $ | 369,100 |  |  | $ | 369,065 |  |  | $ | 35 |
Net income per share |  |  |  |  |
Basic | $ | 2.43 |  |  | $ | 2.43 |  |  | $ | — |
Diluted | $ | 2.42 |  |  | $ | 2.42 |  |  | $ | — |
The following table summarizes the effects of adopting ASC 606 on our condensed consolidated statements of operations for the six months ended December 31, 2018:
Six months ended December 31, 2018 (In thousands, except per share amounts) | As reported under ASC 606 |  | Prior to adoption of ASC 606 |  | Effect of changes
Revenues: |  |  |  |  |
Product | $ | 1,681,428 |  |  | $ | 1,576,088 |  |  | $ | 105,340 |
Service | 531,730 |  |  | 460,643 |  |  | 71,087 |
Costs and expenses: |  |  |  |  |
Costs of revenues | 789,647 |  |  | 734,790 |  |  | 54,857 |
Other expense (income), net | (19,253 | ) |  | (19,213 | ) |  | (40 | )
Provision for income taxes | 78,487 |  |  | 64,335 |  |  | 14,152 |
Net income | $ | 765,044 |  |  | $ | 657,586 |  |  | $ | 107,458 |
Net income per share: |  |  |  |  |
Basic | $ | 4.98 |  |  | $ | 4.29 |  |  | $ | 0.69 |
Diluted | $ | 4.96 |  |  | $ | 4.27 |  |  | $ | 0.69 |
Schedule of Contract Balances | Contract Balances
| As of |  | As of |  |  |  |
(In thousands, except for percentage) | December 31, 2018 |  | July 1, 2018 |  | $ Change |  | % Change
Accounts receivable, net | $ | 658,080 |  |  | $ | 635,878 |  |  | $ | 22,202 |  |  | 3.49 | %
Contract assets | $ | 23,316 |  |  | $ | 14,727 |  |  | $ | 8,589 |  |  | 58.32 | %
Contract liabilities | $ | 455,644 |  |  | $ | 556,691 |  |  | $ | (101,047 | ) |  | (18.15 | )%

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